SUMMARY
The first round of the five Elliott Wave impulse rise could already be or is likely to be complete soon. The below chart shows the impulse (white) 1,2,3,4,5 and their subwaves. White wave 3's subwaves (blue) show completion and now wave 5's subwaves (purple) is alread if not nearly so.
The yellow lines outline an upward pointing wedge which is often a sign of a temporary exhaustion of buyers. IF this marks teh top of wave 5; then the requisite correction is the most likely next cycle. The red ABC could be deeper than shown; but once comlete, the white arrow shows the onset of the seconf round of impulse potential with higher highs.
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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
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Essay: Is Technical Analysis a Quantum Event?
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